Standard & Poor's releases negative outlook on Greece

Greece's credit would be further downgraded should the country not do what is necessary to earn its next bailout from the EU/International Monetary Fund financing program, according to a Reuters report.

The S&P ratings firm noted a current "CCC" foreign and "C" local currency credit rating for Greece.

Delays in orchestrating a budget consolidation including austerity measures that satisfy Germany and other solvent euro-zone leaders amid a declining Greek economy means the country will probably require additional financing just to get through this year, under the EU/IMF program, according to the S&P ratings agency.

Tuesday, S&P projected Greece's gross domestic product to contract by a cumulative 10 to 11 percent during 2012-2013. The projection is a far more ominous contraction than the 4 to 5 percent currently estimated by the EU/IMF program.

"In our opinion, the deepening contraction in Greek GDP beyond the EU/IMF Program's assumptions and the related worsening of the fiscal position imply a high likelihood that Greece will require additional financing of as much as 7 billion euros (or 3.7 percent of GDP) for 2012," the ratings agency wrote in the report released on Tuesday, as confirmed in a Bloomberg report.